Climate Risk & Resilience
Addressing the risks arising from climate change has become an essential consideration for public and private sector organizations. Governments, financial markets, shareholders, and citizens are demanding clear, comprehensive, and high-quality information regarding the implications of climate change, and disclosure on plans and actions to manage transitional and physical climate-related risks. Understanding and assessing these risks and designing resilience into critical infrastructure and business assets requires a collaborative approach. Matrix’s multi-disciplinary teams integrate climate, environmental, and engineering information, knowledge, and practice to develop well-informed climate risk and resilience solutions.
Transition risks are business-related risks that will occur as society moves towards a lower carbon economy. For example, some sectors of the economy could face never-before-seen efficiencies and growth opportunities, and other sectors could face much higher costs of doing business, including declining market share. Most organizations will fall somewhere in between and face a combination of increased costs and opportunities.
Matrix is currently supporting our clients to develop and implement their strategies as they transition towards a lower carbon economy, often considering technologies for which regulatory frameworks are not yet established. Examples of our planning, permitting and feasibility assessment services for transition projects include:
- Wind, solar, and hydro power generation (and integrated battery energy storage systems)
- Lithium reserve characterization and facility planning
- Production, distribution, and storage of hydrogen, ammonia, and methanol
- Carbon capture, utilization, and storage facilities (including transportation networks)
Physical Climate Risks
Physical climate risks refer to the direct and indirect effects of a changing climate on an organization’s assets, operations, maintenance requirements, level of service, and future revenues. Our team builds on the well-established method of applying scenario analysis using global and regional climate models to evaluate physical risks and develop strategic adaptation plans that help protect against a range of plausible future climates. Matrix is currently supporting our clients to identify and understand their physical climate risks, evaluate adaptation strategies, and implement best practice solutions. Examples of our services include:
- Future Stormwater Management
- Flood Risk Reduction
- Low Impact Development
- Risks to Natural Environment, Water Supplies, and Linear Infrastructure
Climate Risk and Resilience Assessments
The need to consider climate risks and adaptive capacity is becoming more accepted as best practice in the management of existing infrastructure assets and in the design of new infrastructure. For example, to be eligible to receive government funding for public infrastructure projects through Infrastructure Canada, proponents are expected to assess design and construction through a Climate Lens. These assessments include demonstrating how greenhouse gas emissions and the physical risks from climate change are being addressed, and what mitigation and resiliency measures are under consideration in the design and construction of new public infrastructure projects. Many municipalities are also requiring similar embodied carbon assessments for planned development projects.
Matrix has considerable experience in completing climate risk assessments for our clients, as part of the Climate Lens process or simply as good business practice. Depending on your needs, we can conduct these assessments ourselves, or in partnership with firms and subject matter experts that match your specific engineering requirements. Our approach uses best practices in risk assessment and management frameworks, using accepted standards, methods, and tools (e.g., ISO 31000, ISO 14091, PIEVC Protocol, PIEVC High Level Screening Guidance, ENVISION, and ICLEI BARc), while considering future projections of climate conditions.